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Principles of Marketing Ch. 6 Notes
Principles Of Marketing (MKT 3210)
Belmont University
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Principles of Marketing Belmont University MKT 3210 Principles of Marketing Ch. 6 Lecture Notes
Any group of people who, as individuals or as organizations, have needs for products in a product class and who have the ability, will- ingness, and authority to buy such products is a(n) a) business market. b) market. c) undifferentiated market d) segmented market e) market variable b) market.
Which of the following is not a characteristic of a consumer mar- ket? a) it consists of purchasers who intend to consume or benefit from the purchased products b) they do not buy products for the main purpose of making a profit c) they are sometimes referred to as B2C markets d) their purchasing decisions are always made by only one individ- ual e) each of us belongs to numerous markets of this type
Which of these statements is not true about business markets? a) the purchase may be made to resell the item b) the purchase is always made by more than one individual c) the purchase may be made to use in general daily operations d) the purchase may be made to use in production of another product e) they can also be referred to as organizational markets
Which of the following is not a requirement or characteristic of a market? a) The ability to purchase a product b) A large number of people or organizations c) The authority to buy a product d) The willingness to use buying power e) The need for a specific product in a specific product category
In order to be considered a market, people do not have to have a) a need or desire for a particular product. b) the ability to purchase the product. c) discretionary income to purchase the product. d) the willingness to use their buying power. e) the authority to buy the specific products.
Consumers that do not own dogs are not likely to be in the market for dog food because a) they lack the authority to purchase the dog food. b) they do not possess the buying power for purchasing dog food. c) their ability to purchase the dog food is questionable. d) they do not have the need or desire for dog food. e) they are willing to use their buying power.
The ability to purchase a product is a function of a) buying power. b) desire. c) willingness. d) authority. e) needs.
Adolescents are not considered part of the market for casinos be- cause they a) have very little buying power.
c) identifying an appropriate targeting strategy. d) evaluating relevant market segments. e) developing market segment profiles.
To find a target market, a firm can use the a) total market strategy and the undifferentiated strategy. b) product differentiation strategy and the customer differentiation strat- egy. c) demographic strategy and the psychographic strategy. d) socioeconomic strategy and the psychological strategy. e) undifferentiated strategy, the concentrated strategy, and the dif- ferentiated strategy.
Pillsbury defines all purchasers of flour as its target market. What targeting strategy would be most appropriate in this case? a) Concentrated b) Differentiated c) Wide appeal d) Undifferentiated e) Clustered
When a firm designs a single marketing mix and directs it at an en- tire market for a particular product, the company is using a(n) _________ strategy. a) concentrated targeting b) differentiated c) heterogeneous market d) undifferentiated Why would a company use the undifferentiated strategy? a) The needs of individual consumers are dissimilar, and distinctive mar- keting mixes are required to satisfy them. b) The undifferentiated strategy is the one strategy that provides maxi- mum satisfaction to the whole market.
c) The needs of individual consumers in the target market for a spe- cific product are similar, so the organization can satisfy most cus- tomers with a single marketing mix. d) The undifferentiated strategy is expensive to implement but tends to produce the most sales. e) The undifferentiated strategy requires less time and fewer resources
When the needs of individual consumers in a target market for a specific product are similar and the organization can satisfy most customers with a single marketing mix, the best approach to use may be the ___________ strategy. a) undifferentiated b) differentiated c) segmented d) concentrated e) heterogeneous
Which of the following statements about the undifferentiated target- ing strategy is false? a) The undifferentiated targeting strategy should be used when the needs of individual customers are similar. b) The undifferentiated targeting strategy uses one promotional program aimed at everyone in the target market. c) The undifferentiated targeting strategy is good for use with staple items, such as sugar and salt. d) The undifferentiated targeting strategy uses multiple distribution systems to best reach individuals in the target market. e) The opposite of the undifferentiated targeting strategy is the differenti- ated targeting strategy.
The ProMark Company manufactures and sells only one type of ballpoint pen at just one price. All its advertising is the same and is
The undifferentiated targeting strategy for finding a target market will likely not be successful if a) product positioning is needed. b) the firm defines the total market as its target market. c) people within the market have heterogeneous needs. d) people within the market have homogeneous needs. e) the firm is capable of developing a single marketing mix that satisfies all people's needs.
Most markets for products are made up of individuals or groups with diverse needs for products and are called ________ markets. a) undifferentiated b) concentrated c) homogenous d) differentiated e) heterogeneous
Toyota has learned that some people want sports cars, while others want vans, trucks, sedans, and economy cars. In this instance, Toy- ota has found its markets to be a) heterogeneous. b) undifferentiated. c) concentrated. d) homogeneous. e) focused.
Individuals, groups, or organizations with one or more similar char- acteristics that cause them to have similar product needs are clas- sified as a) market segments. b) heterogeneous markets.
c) concentrated markets. d) demographic segments. e) strategic segments.
Mattel views the toy market as composed of four age groupings, each with different needs and desires. Each of these groups are known as a) an undifferentiated market. b) heterogeneous. c) a market segment. d) a marketing mix. e) a concentrated market.
The purpose of market segmentation is to a) differentiate products. b) divide a total market to enable a marketer to develop a more pre- cise marketing mix. c) reduce the overall cost of marketing activities. d) identify a single marketing mix that will be satisfactory for the general market. e) meet the needs of homogeneous markets.
The process of dividing a total market into market groups because people within each group have relatively similar product needs is called a) segmentation. b) diversification. c) target marketing. d) concentration. e) customization.
Several conditions must exist for market segmentation to be suc- cessful. These conditions include all of the following except
b) market-intensive c) integrated d) product-oriented e) undifferentiated
If Jaguar focused all its marketing efforts for the new Jaguar XKR on professionals earning more than $250,000, it would be using a(n) ___________ strategy. a) homogeneous b) undifferentiated c) multisegmented d) concentrated e) stratified
Tiffany's markets its exclusive jewelry and gifts to high-income in- dividuals interested in high-quality products and a well-known brand name. It uses the same marketing mix to reach this market. Tiffany's uses a(n) ______ strategy. a) undifferentiated b) differentiated targeting c) exclusive targeting d) heterogeneous e) concentrated targeting
Interior Designs Inc. sells expensive custom-made draperies, bed- ding, and accessories using a single marketing mix and is therefore most likely using a(n) _____ targeting strategy. a) concentrated b) differentiated c) exclusive d) focused
e) undifferentiated
The primary advantage of a concentrated targeting strategy is a) it meets the needs of a wide range of consumers. b) it allows a firm to specialize to meet specific customer needs. c) it is more flexible than any other approach. d) it is the least risky targeting approach. e) its customers are the most willing to repurchase the same brands.
Procter & Gamble markets Cheer detergent to young singles and couples and Tide detergent to families. Procter & Gamble is using a(n) ___________ targeting strategy for laundry detergents. a) multiuse b) differentiated c) stratified d) undifferentiated e) concentrated
Volkswagen markets its Routan to large families, its R32 racecar to men, and its Jetta to young singles. What targeting approach is Volkswagen using? a) Concentrated b) Strategic c) Differentiated d) Undifferentiated e) Multisegmented
A targeting strategy in which an organization directs its marketing efforts at several segments is called a(n) ___________ targeting strategy. a) differentiated b) total market c) concentrated
c) targeting strategies. d) psychographic variables. e) segmentation variables.
Segmentation variables are usually grouped into four categories: a) demographic, geographic, religion, and income. b) geopolitical, income, behavioristic, and psychographic. c) attitudes, lifestyles, behaviors, and gender. d) geographic, demographic, psychographic, and attitudes. e) demographic, geographic, psychographic, and behavioristic.
Which of the following is not one of the major categories of con- sumer market segmentation variables? a) Demographic characteristics b) Geographic variables c) Psychographic dimensions d) Situational variables Alpine Ski Shops U, is looking for new markets. Since their mar- ket is based mainly on access to snow, they would most likely use which base for segmentation? a) behavioristic b) demographic c) psychographic d) environmental e) geographic
McDonald's uses a segmentation strategy for its sandwiches based on market characteristics such as age, gender, or income. Which of the following segmentation variables is McDonald's using? a) Demographic b) Geographic c) Psychographic d) Product-related
e) Education
With its Venus razor, Gillette was the first marketer to offer a triple blade razor specifically designed for women. This is an example of market segmentation using ___________ variables. a) demographic b) psychographic c) geographic d) family life cycle e) product use
Kelly's Kids is a home-based business that sells high-quality chil- dren's clothing at premium prices using in-home parties. These in- home parties typically cater to families with small children and mid- dle- to upper-middle-class income. Kelly's Kids is using _____ vari- ables to segment its market. a) demographic b) psychographic c) sociographic d) behavioristic e) geographic
Cosmopolitan magazine, Secret deodorant, and Eve cigarettes are all products whose marketers have used segmentation based on a) age. b) education. c) product use. d) gender. e) income.
A marketer that targets customers based on marital status and the presence and age of children is using
b) geographic location. c) marital status and age of children. d) occupation. e) buying power.
Population density and city size are _______ variables used for market segmentation. a) geographic b) demographic c) psychographic d) environmental Zerex markets its radiator liquid as a coolant in the South and an antifreeze in the North. Which of the following segmentation vari- ables is Zerex using? a) Demographic b) Psychographic c) Life cycle d) Geographic e) Product use
Many marketers are concerned about the number of potential cus- tomers within a certain area of land because of the different re- quirements to serve dissimilar areas. What is this segmentation variable called? a) Micromarketing b) Population c) Market density d) MSA e) PMSA
Subaru is producing a new crossover van with all-wheel drive. Which of the following would be a likely variable for segmenting the market for this new model?
a) Religion b) Geographic location c) Income d) Political views e) Ethnicity
Systems such as PRIZM and Acorn provide companies with life- style and demographic information about neighborhoods through- out the United States. This information is used to aid a) behavioristic segmentation. b) geodemographic segmentation. c) market density analysis. d) demographic segmentation. e) geographic segmentation.
Justin Franklin's company is interested in locating areas where the average income is high, the average age range is 25-35 years, and the lifestyles of the people involve extreme adventures and danger- ous leisure activities. His company would most likely find possible markets through a) U. Census Bureau information. b) geographic segmentation variables. c) geodemographic segmentation. d) climate information. e) psychographic segmentation.
Micromarketing is a) a market segmentation approach in which firms focus precise marketing efforts on very small geographic markets. b) developing a very specific marketing mix that will effectively meet the needs of only a small segment of the market. c) marketing efforts that are tightly controlled by high-level executives in the organization.
mentation. Which group of new segmentation variables will Blue- tooth now be using? a) Geographic location of customers b) Age, sex, and socioeconomic characteristics c) Social class variables d) Personality characteristics, motives, and lifestyles e) Family life cycle, social class, and religion
When using personality characteristics as a market segmentation variable, marketers generally a) conduct personality assessments of their potential target market to determine which personality characteristics they possess. b) use research developed by clinical psychologists to determine which personality characteristics consumers using their products are most likely to have. c) use generic characteristics that all members of the population have. d) use a positively viewed characteristic they assume much of their target market has or would like to have. e) conduct a series of focus groups to determine both the positive and negative characteristics members of their target market are perceived to have.
The psychographic variable that includes numerous characteristics related to people's activities, interests, and opinion is a) motive. b) social class. c) personality. d) stage in family life cycle. e) lifestyle.
If a company segments its market on the basis of their reasons for purchasing a particular product, the primary segmentation variable in use is a) lifestyle. b) motives. c) personality. d) benefit expectations. e) personality attributes.
Demographic variables such as income and occupation, as well as how people spend their time and the importance of things in their surroundings, are all factors considered in ______ segmentation. a) psychographic b) social class c) lifestyle d) personality e) family life cycle
A widely used system for classifying individuals on the basis of lifestyle is a) VALS. b) PRIZM. c) CMSA. d) LIFO. e) Prospect Zone.
Which of the following is an example of a behavioristic segmenta- tion variable? a) Family size b) Climate c) Age d) Usage rate e) Personality characteristics
Principles of Marketing Ch. 6 Notes
Course: Principles Of Marketing (MKT 3210)
University: Belmont University
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